First Busey (NASDAQ:BUSE) Hits New 1-Year High – Here’s What Happened

First Busey Corporation (NASDAQ:BUSE)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $30.14 and last traded at $30.13, with a volume of 227602 shares trading hands. The stock had previously closed at $29.50.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BUSE. Stephens boosted their price objective on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Piper Sandler raised their target price on shares of First Busey from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Raymond James Financial boosted their price target on shares of First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Wednesday. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.60.

First Busey Stock Down 1.7%

The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $2.51 billion, a PE ratio of 13.18 and a beta of 0.72. The business has a fifty day moving average price of $27.48 and a two-hundred day moving average price of $26.07.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The firm had revenue of $197.17 million for the quarter, compared to analyst estimates of $197.15 million. On average, analysts anticipate that First Busey Corporation will post 2.58 EPS for the current fiscal year.

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 24th were issued a $0.26 dividend. The ex-dividend date was Friday, April 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.5%. First Busey’s dividend payout ratio is currently 46.22%.

Insider Activity

In related news, CAO Scott A. Phillips purchased 5,000 shares of First Busey stock in a transaction dated Monday, May 4th. The stock was acquired at an average cost of $25.90 per share, with a total value of $129,500.00. Following the completion of the transaction, the chief accounting officer directly owned 8,350 shares of the company’s stock, valued at $216,265. This trade represents a 149.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.77% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust acquired a new stake in shares of First Busey during the 4th quarter valued at $28,000. Litman Gregory Wealth Management LLC purchased a new stake in shares of First Busey during the fourth quarter worth $30,000. Allworth Financial LP raised its holdings in shares of First Busey by 127.8% during the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock worth $38,000 after acquiring an additional 888 shares in the last quarter. Torren Management LLC acquired a new stake in First Busey during the fourth quarter valued at $40,000. Finally, Geneos Wealth Management Inc. grew its stake in First Busey by 726.1% in the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock valued at $49,000 after purchasing an additional 2,004 shares in the last quarter. Institutional investors and hedge funds own 56.49% of the company’s stock.

About First Busey

First Busey (NASDAQ: BUSE) is a bank holding company headquartered in Champaign, Illinois, with roots tracing back to the founding of Busey Bank in 1868. As a regional financial institution, it offers a broad spectrum of banking services to individuals, small businesses, and corporations. Its core activities include commercial lending, deposit-taking, and cash management, which are tailored to meet the needs of local communities across its operating footprint.

In addition to traditional banking operations, First Busey provides wealth management and trust services through its subsidiary aimed at high-net-worth clients and fiduciary accounts.